The Secured Loan Agreement is a fundamental financing document used in New Zealand when a lender provides funding to a borrower against specific collateral or security. This agreement is essential for various financing transactions, from business expansion to asset acquisition, where the lender requires security to minimize lending risk. The document must comply with New Zealand's regulatory framework, particularly the Credit Contracts and Consumer Finance Act 2003 and Personal Property Securities Act 1999. It typically includes comprehensive details about the loan facility, security arrangements, conditions precedent, representations and warranties, covenants, events of default, and enforcement provisions. The agreement is suitable for both commercial and consumer lending scenarios where security is a requirement of the facility.
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1. Parties: Identifies and defines the Lender and Borrower with full legal names and addresses
2. Background: Sets out the context of the loan agreement, including the Borrower's request for funding and the Lender's agreement to provide it
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation rules
4. Loan Facility: Details the loan amount, purpose, and any conditions precedent to drawdown
5. Interest and Fees: Specifies the interest rate, calculation method, and any applicable fees
6. Repayment Terms: Sets out repayment schedule, methods of payment, and prepayment provisions
7. Security: Describes the security being provided, creation of security interest, and PPSR registration requirements
8. Representations and Warranties: Lists the Borrower's confirmations about their legal capacity and financial situation
9. Borrower Covenants: Details ongoing obligations of the Borrower during the loan term
10. Events of Default: Lists circumstances that constitute default and trigger enforcement rights
11. Enforcement: Outlines the Lender's rights and remedies upon default
12. General Provisions: Contains standard clauses including notices, assignments, amendments, and governing law
1. Guarantees: Required when there are third-party guarantors securing the loan obligations
2. Multiple Borrowers: Additional provisions for joint and several liability when there is more than one borrower
3. Insurance Requirements: Detailed insurance obligations when specific insurance coverage is required for secured assets
4. Special Conditions: For any unique terms specific to the particular loan arrangement
5. Financial Covenants: Required for business loans where financial ratios or reporting requirements are imposed
6. Cross-Default: Used when the loan is part of a larger financing arrangement with cross-default provisions
7. Priority Arrangements: Required when there are multiple security interests and priority needs to be established
1. Loan Details Schedule: Contains specific loan terms including amount, interest rate, fees, and payment dates
2. Security Details: Detailed description of all secured property including serial numbers, registration details
3. Repayment Schedule: Amortization table showing payment dates, amounts, and principal/interest splits
4. Conditions Precedent: List of documents and conditions required before loan drawdown
5. Fee Schedule: Detailed breakdown of all applicable fees and charges
6. Permitted Security Interests: List of any pre-existing or permitted security interests over the secured property
7. Form of Drawdown Notice: Template for the Borrower to request loan disbursement
8. Guarantor Details: Information about guarantors and their guaranteed obligations, if applicable
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